Why you should commence your Walworth lease extension

Main reasons to start your Walworth lease extension today:

A Walworth leasehold property depreciates with the years remaining on the lease.

It’s an underpublicised truth that a Walworth residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Walworth property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining drops under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Walworth will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

Walworth property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lenders may not lend on a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold property. Some will simply not lend at all once an unexpired lease term goes under a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below 75 years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Walworth property.

Why use us for your lease extension in Walworth?

Lease extensions in Walworth can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Walworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Walworth Lease Extension Case Summaries:

Nicole, Walworth, South East London,

Trailing protracted discussions with the freeholder of her one bedroom apartment in Walworth, Nicole commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The lease extension was finalised in November 2005. The landlord’s charges were negotiated to under 550 pounds.

Walworth case:

Last May we were called by Mrs Danielle Mercier , who owned a first floor apartment in Walworth in June 2000. The question was if we could estimate the price would be for a 90 year lease extension. Comparative homes in Walworth with an extended lease were worth £176,200. The average ground rent payable was £65 invoiced annually. The lease terminated on 27 May 2082. Given that there were 56 years unexpired we calculated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of costs.